I tried searching for the answer to this, but to no avail -I can’t believe this has not been asked b4, so forgive me if it has.
My wife (local) and I have over twenty private students coming to our home. We are on the verge of taking the plunge and starting a full on legal business -buxiban.
We even have viewed a place that we like and have started enquires.
I would be grateful for any information regarding the legalities of such an operation, especially in regards to licensing etc.
I have no advice, but I’m wondering is it a good time to set up a school? Saturated market, falling birthrates and so on… Haven’t new owners sort of missed the boat a little? No criticism here, genuinely just curious.
I hear you - After some thought, we decided it could be, ironically, the right time to do it. After all, no-one else wants to do it.
Students are shifting as well as decreasing. We have a new elementary to jr high school opening in our neighborhood in September and two brand new buxischools have opened up already. Students are re-registering in the area so that they can change schools. There are ZERO buxis there now. Someone will be making money.
Have the wife call the education dept. They should be able to help you out. It takes cash to get started though, not just to set up the school and grease the legal process, but a deposit of a couple 100KNT.
Well my wife did and then sold it again a few months later. No, money in it. Or perhaps I should have said minus five hundred thousand NTs worth of money in it. Ouch!
Well my wife did and then sold it again a few months later. No, money in it. Or perhaps I should have said minus five hundred thousand NTs worth of money in it. Ouch![/quote]
You should be prepared to run for six before you even start. Which means you need to have 300K in the bank, or enough students at the get go to pay the rent, utilities and salaries.
Well my wife did and then sold it again a few months later. No, money in it. Or perhaps I should have said minus five hundred thousand NTs worth of money in it. Ouch![/quote]
You should be prepared to run for six before you even start. Which means you need to have 300K in the bank, or enough students at the get go to pay the rent, utilities and salaries.[/quote]
It’s not that simple, I assure you. It is easier if you are setting the school up from scratch however as you already know your numbers. You’ll need to get a principle on board and you’ll need to spend time getting it all above board with licenses though, and that will cost time and money.
Of course if it’s to be illegal, then that’s another matter, but be careful.
300,000 in the bank may not be nearly enough if you are thinking of employing staff, paying rent, bills, purchasing books, licensing, etc, and if it doesn’t work out, then laying off staff and paying the remainder of the rent contract. You will need a lot more money than that. You will also have to time the opening well, with enough time to bring in students, but not too much that you will be in limbo and not too little that your license may not be granted in time.
Timing, numbers and money are all key, but nothing ever goes to plan at first. At least you the owners will be working there I take it, which may reduce some over heads.
SV, What you wrote is really location specific. It does NOT take 500K to get a small school up and running in Taipei County.
The OP said they’ve got 20 kids. They could easily rent the 1st and 2cd floor, get set up with desks, chairs, ACs, sign and books for less than 200k Easy. Running the school while getting the license is par for the course. Some places, you can run a small illegal school for years before anyone reports you, and by that time you should have enough dough to go legal.
This is given that they are not buying a chain school.